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Economic news
17.07.2024

U.S. weekly mortgage applications surge 3.9 per cent

The Mortgage Bankers Association (MBA) reported on Wednesday that the mortgage application volume in the U.S. surged 3.9 per cent in the week ended July 12, following a 0.2 per cent slip the week before. This marked the first weekly increase in mortgage applications in three weeks, the pace of which was also the strongest since the week ended June 7 (+15.6 per cent). 

According to the MBA’s data, last week’s jump in mortgage applications was due to a 15.2 per cent soar in mortgage refinance applications. Meanwhile, mortgage applications to purchase a home declined 2.7 per cent. 

The report also revealed that the average fixed 30-year mortgage rate dropped from 7.00 per cent to 6.87 per cent, the lowest level since the week ended March 8 (6.84 per cent).

Commenting on the latest survey results, Joel Kan, MBA’s vice president and deputy chief economist, noted that mortgage rates declined last week, as recent signs of cooling inflation and the increased likelihood of Fed rate cuts later this year pulled them lower.

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